(Entertainment-NewsWire.com, February 14, 2018 ) The burgeoning middle and upper class population, increasing pet ownership, along with increased awareness about pet health has given rise to the pet food market in India. According to Publisher research, the pet food market in India is expected to grow at a CAGR of 19.2% to reach INR 43.5 trillion from its value of INR 15.2 trillion in 2016.
The dog food segment contributes the most to the pet food revenue compared to other pet foods such as cat and fish food. Pedigree and Royal Canin are the most preferred brands among pet owners.
Key growth factors There has been a paradigm shift towards pet diet, health, and grooming. With changing lifestyles, pet owners are willing to spend more on quality pet products, such as ready-to-eat food and treats to provide healthy nutrition to their pets. India has also witnessed a rise in pet adoptions, which has led to subsequent increase in demand for pet food. Social networking sites have also played a key role in boosting pet adoption and indirectly giving a push to the pet food market in India. Pet food in India is easily available in physical as well as in online stores.
Threats and key players With the implementation of the Goods and Services Tax (GST) the prices of pet food, including imported and Indian brands, have become more expensive. Pet food packs, which were earlier charged at around 14.5% VAT/CST, now attract 18% GST. While imported pet food will cost the same, Indian brands might need to increase prices to mitigate the tax burden.
Some of the key players operating in the global pet food market include Agro Food Industries Pvt. Ltd., Avanti Overseas Pvt. Ltd., Venky's (India) Ltd. and Mars International India Pvt. Ltd.
What's covered in the report- Overview of the pet food market and market size data for the period FY 2014 to FY 2022 Trade analysis of pet food in India Qualitative analysis of the major drivers and challenges affecting the pet food market Analysis of the competitive landscape and profiles of major public and private players operating in the market Key recent developments in the Indian pet food market Future outlook for the Indian pet food market
Why buy- Get a broad understanding of the pet food market in India, the dynamics of the market and the current state of the industry Devise market-entry strategies by understanding the factors driving the growth of the market Recognize major competitors' business and market dynamics, and respond accordingly